182632 02/17/2010 CITY OF CARMEL, INDIANA VENDOR: 363904 Page 1 of 1
ONE CIVIC SQUARE UNITED STATES DEPT OF THE TREASURY CHECK AMOUNT: $2,613.98
CARMEL, INDIANA 46032 INTERNAL REVENUE SERVICE
OGDEN UT 64201 -0027 CHECK NUMBER: 182632
CHECK DATE: 2/1812010
DEPARTMENT ACCOUNT PO NUMBER INVOICE NUMBER AMOUNT DESCRIPTION
1701 4340300 2,613.98 ARBITRAGE -2002 BONDS
H. J. Umbaugh Associates
s P c�4 Certified Public Accountants, LLP
w 1 8365 Keystone Crossing
W t Suite 300
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PO 80x 40458
Indianapolis, IN 46240 -0458
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Phone: 317-465-1500
Fax. 317 465 -1550
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www.umbaugh.com
It's all about experience.
February 15, 2010
Ms. Diana Cordray, Clerk- Treasurer
City of Carmel
One Civic Square
Carmel, Indiana 46032
Re: City of Carmel, Indiana County Option Income Tax Revenue Bonds, Series 2002
(the "2002 Bonds Rebate Liability and Yield Reduction Payment Calculation
Dear Diana:
Enclosed please find two (2) copies of our report regarding the arbitrage rebate and yield
reduction payment calculation for the Construction Fund of the 2002 Bonds. Based on our
calculations, there is negative arbitrage, so the City is not subject to an arbitrage rebate
payment for the Construction Fund of the 2002 Bonds at this time.
Based on our calculations, there is positive yield reduction liability, so payment in the
amount of $2,613.98 is due to the U.S. Department of Treasury. The payment includes the
yield reduction liability of $2,352.83, as well as late payment interest in the amount of $261.15.
As there were proceeds remaining in the Construction Fund as of October 23, 2007, this will
not be the final calculation. We will perform another calculation when construction funds
are expended or at the end of the second Five -Year Period, October 23, 2012.
If you have any questions regarding the report or other matters, please feel free contact
Christina Cromer or me.
Very truly yours,
UMBAUGH
A
David C. Frederick
DCF /CLC
Enclosures
FILING INSTRUCTIONS
1. Make check payable in the amount of $2,613.98 to the United States Department of the Treasury.
2. Attach the Letter of Explanation requesting a penalty waiver.
3. Have the appropriate official sign the 8038 -T form.
4. File form 8038 -T and Letter of Explanation with the check (do not attached Umbaugh report) with the
Internal Revenue Service Center, Ogden, UT 84201 -0027.
Form 8038 °Y Arbitrage Rebate, Yield Reduction
(Rev. January 2005) and Penalty in Lieu of Arbitrage Rebate OMB No 1545 -1219
Department of the Treasury 1 Under Sections 143(g)(3) and 148(f)
Internat Revenue Service and Sections 103(c)(6)(D) and 103A(i)(4) of the Internal Revenue Code of 1954
Reporting Authority Check box if Amended Return
1 Issuer's name 2 Issuer's employer identification number
City of Carmel, Indiana 35 600972
3 Number and street (or P.O. box no. If mail is not delivered to street address) Room /suite 4 Report number
One Civic Square 7-07
5 City, town, or post office, state, and ZIP code 6 Date of issue
Carmel, IN 46032 October 23, 2002
7 Name of issue 8 CUSIP number
County Option Income Tax Revenue Bonds, Series 2002 143279 BC 0
9 Name and title of officer or legal representative whom the IRS may call for more information 10 Telephone number of officer or legal representative
Diana Cordray, Clerk- Treasurer 317 )571 -2400
11 Type of issue Transportation Issue price 1 11 Is 10,499,855
Arbitrage Rebate and Yield Reduction Payments
12 Computation date to which this payment relates (MMDDYYYY) 10123/2007
13 Arbitrage rebate payment (see instructions) check box if less than 1003/0 of rebate amount 13 0.00
14 Yield reduction payment (see instructions) check box if less than 100% of yield reduction amount 14 2,352.83
15 Rebate payment from Qualified Zone Academy Bond (OZAB) defeasance escrow (see instructions) 15 0.00
Penalty in Lieu of Arbitrage Rebate
16 Number of months since date of issue:
6 mos 12 mos 18 mos 24 mos Other. No. of mos 0 1
17 Penalty in lieu of rebate 17 0.00
18 Date of termination election (MMDOYYYY)
19 Penalty upon termination 19 0100
Late Payments
20 Does failure to pay timely qualify for waiver of penalty (see instructions) Yes No
21 Penafty for failure to pay on time (see instructions) 21 0.00
22 Interest on underpayment (see instructions) 22 261.15
Total Payment
23 Total payment. Add lines 13, 14, 15, 17, 19, 21, and 22. Enter total here 23 2,613.98
Miscellaneous
24 Unspent proceeds as of this computation date 24 148,347.50
25 Proceeds used to redeem bonds 25 0.00
26 Gross proceeds used for qualified administrative costs for GICs and defeasance escrows 26 0.00
27 Fees paid for a qualified guarantee 27 0.00
Yes No
28 Is the issue a variable rate issue? 28
29 Did the issuer enter into a hedge? Name of provider
Term of hedge 29
30 Were gross proceeds invested in a GIC? Name of provider
Term of GIC 30
31 Were any gross proceeds invested beyond an available temporary period? 31
32 Calculations for filing of this form prepared by: Issuer 0 Preparers UmbaU h CPAs, Indianapolis
Under penal of perjury, I declare that I have examined this return, and accompanying schedules and statements, and to the best of my knowledge
and belief, a are true, correct and mplete.
Sign
Here Diana Cordray, Clerk- Treasurer
Signature of issuer's authorized represent ive Date Type or print name and title
For Paperwork Reduction Act Notice, see the separ et tructions. Cat. No. 11545Y Form 8038 -T (Rev. 1 -2005)
Letter of Explanation
The City of Carmel, Indiana (the "City"), on February 15, 2010, mailed their 8038 -T Tax Return along
with a check for $2,613.98 representing yield reduction payment of $2,352.83 owed for the first five -year
period on the City's County Option. Income Tax Revenue Bonds, Series 2002 (the "2002 Bonds as well
as late payment interest of $261.15. The yield reduction payment was not paid within 60 days of the five-
year computation date of October 23, 2007 due to the following factors:
The City employed the firm of H.J. Umbaugh Associates, Certified Public Accountants of
Indianapolis, Indiana "Umbaugh to make a calculation of any rebate or yield reduction
liability for the City's 2002 Bonds. Umbaugh made the calculations and presented the results to
the City on February 15, 20t0.
As a result of receiving this information, the City promptly filed the Form 8038 -T, which
provided for payment of the yield reduction liability owed for the first five -year period.
This filing and payment were made within 180 days of the City's discovery that it owed the yield
reduction payment, and for the reasons set forth above, the failure to pay the yield reduction liability
timely when due was not as a result of the willful neglect of the City and requests that the penalty be
waived.
Under penalties of perjury, I declare that I have examined this explanation, including accompanying
documents, and, to the best of my knowledge and belief, the explanation contains all the relevant facts
relating to the explanation, and such facts are true, correct aaplete.
U4zJv
�J
Diana Cordray, Clerk -Tr ea r' r
City of Carmel, Indiana
�7 '616
Date
Prescribed by State Board of Accounts City Form No. 201 (Rev. 1995)
ACCOUNTS PAYABLE VOUCHER
CITY OF CARMEL
An invoice or bill to be properly itemized must show: kind of service, where performed, dates service rendered, by
whom, rates per day, number of hours, rate per hour, number of units, price per unit, etc.
aye ass
S Purchg�b Order No.
Terms
Date Due
Invoice Invoice Description Amount
Date Number (or note attached invoice(s) or bill(s))
Total
I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance
with IC 5- 11- 10 -1.6.
20
Clerk- Treasurer
VOUCHER NO. WARRANT NO.
ALLOWED 20
�s �T(e&
IN SUM OF
I�
�e 07 J 00) 7
ON ACCOUNT OF APPROPRIATION FOR
Board Members
Po# or INVOICE NO. ACCT #/TITLE AMOUNT
DEPT. I hereby certify that the attached invoice(s), or
bill(s) is (are) true and correct and that the
materials or services itemized thereon for
which charge is made were ordered and
received except
At k`
20
Signature
Title
Cost distribution ledger classification if
claim paid motor vehicle highway fund